Adani Group gets a shock from Hindenburg, cancels FPO worth 20 thousand crores, announces return of investors’ money


This extraordinary choice by the Adani Group comes amid an enormous fall within the group’s shares following the discharge of the Hindenburg Research report. The Hindenburg Report accused the group of “misappropriation of shares in the most audacious manner and falsification of accounts”.

In response to this report, the Adani group has questioned the credibility of Hindenburg and the timing of the report. The corporate, in its reply, has stated that the report isn’t merely an “unwarranted attack on a specific company, but a systematic attack on India, the independence, integrity and quality of Indian institutions.” Adani Group has described this report because the story of India’s growth and in addition an assault on India’s ambition. ,

Considerably, after the Hindenburg report got here out, the shares of Adani group firms have registered an incredible decline within the final 5 buying and selling classes and the corporate has misplaced greater than 7 lakh crores in its complete market capitalization.

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